The board of directors at E.W. Scripps has set the first day of July as the date the company will split and become two public companies. The tax-free distribution will spin off the cable and interactive assets into Scripps Networks Interactive, while the TV stations and newspapers will stay at E.W. Scripps Company.
When the split takes place, shareholders will receive one share of the new Scripps Networks Interactive for each share of E.W. Scripps stock that they own. However, before the split takes place, the company plans a one-for-three reverse split, effective July 16, assuming it is approved at the annual shareholders meeting on July 15. In effect, if you own three shares of Scripps today, you will wind up with one share of each of the two companies when the split takes place.